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The Philippines – Local partner essential before Manila Bay Resorts opens

The Philippine Amusement and Gaming Corp (PAGCOR) has confirmed that Tiger Resorts Leisure and Entertainment, owned by Kazuo Okada, will not be able to open Manila Bay Resorts until it has secured a local partner to work with.

PAGCOR Chairman Cristino Naguiat Jr said: “Even if they finish it they still cannot open it if they do not have a local partner. Before opening they should abide by all Philippine laws.”
The US$2bn integrated hotel and casino resort is due to open in Entertainment City in Manila Bay by March 2015. Legislation dictates that an ownership model must be in place of 60/40 in favour of investors originating from the Philippines.

Okada’s Eagle I Landholdings and Century Properties are expected to battle it out in court after Mr. Okada terminated a deal for Century to be a real estate partner in Manila Bay Resorts. The Japanese billionaire believes the project in Entertainment City will open on time despite a legal dispute with Century Properties Group.

오카다 그룹은 “우리 공사는 예정대로 진행되고 있다. 현재 이 공사에는 호텔 타워와 카지노 층이 포함됩니다. 당사는 2015년 XNUMX분기 오픈 예정 기간 동안 운영 인력을 대량 채용할 예정입니다. Century Properties Group Inc.(CPGI)의 의혹과 관련하여 개발이 그렇게 된 점에 대해 유감스럽게 생각합니다. CPGI 및 오카다그룹과 금융거래는 없었다고 말씀드리고 싶습니다.”
The Okada group added: “Our goal is to contribute to the Philippine economy through our investments in PAGCOR city and generate employment to thousands of Filipinos, during the construction phase and the operational aspect of the project.”